By: Ahmed Ammar
Cairo - Mubasher: Ezz Steel has reduced its prices for factory delivery by around EGP 325 per ton, according to the head of the construction materials department in the Federation of Egyptian Chambers of Commerce (FEDCOC).
Ahmed El-Zeiny told Mubasher on Wednesday that Ezz has cut prices to around EGP 12,190 to EGP 12,200, compared with a previous price of EGP 12,527, however, the company is still offering the highest price in the market, compared with other local manufacturers, which means prices at large did not decline.
The decision is attributed to a lower market share, with other factories offering competitive price, amid a stronger competition after Saudi producers entered the market, El-Zeiny explained, noting that the highest price among other producers stands at EGP 11,850 per ton.
A cut in prices by around EGP 900 would have been more suitable with prices going down globally, he added.
Steel prices for consumers in the Egyptian market range between EGP 12,000 to 12,400 per ton.
Meanwhile, cement prices has stabilized between EGP 900 to 950 per ton.
Translated By: Moslem Ali